Sweet Orange

Here is an interesting factoid: Irvine housing is general accepted as being more expensive than many surrounding areas, including Costa Mesa. However, Redfin shows that in September Costa Mesa houses sold for $403 per square foot, and Irvine houses sold for a lesser amount–$338 per square foot to be exact. However, when it comes to condos Irvine wins in the more expensive category (Irvine–$318/SF; Costa Mesa–$217/SF).

I should also point out that many of the Irvine homes have HOA fees and, in some cases, Mellos Roos taxes. Since Costa Mesa has a substantial number of older homes, these fees are less prevalent in Costa Mesa. This should all be factored in when determining housing costs.

Something else to factor in: The percentage of homes in Irvine that are condos is much higher than is true in Costa Mesa. Approximately 60% of Irvine homes that are currently on the market are condos, whereas approximately 35% of Costa Mesa homes that are currently on the market are condos.

Here are some numbers for cities adjacent to Irvine. Note that the Tustin-compared-to-Irvine numbers tell a story that is similar to the Costa Mesa-compared-to-Irvine numbers:

• Tustin: house–$372/SF; condo–$156/SF (approximately 50% condos)
• Lake Forest: house–$276/SF; condo–$254/SF (approximately 40% condos)
• Newport Beach: house–$789/SF; condo–$504/SF (approximately 30% condos)

I will follow up on this next week by taking a look at an Irvine house with a listing price that is near the Irvine median price per square foot and a Costa Mesa house with a listing price that is near the Costa Mesa median price per square foot.